IAR Systems It is not Q2 that will set the tone
The Q2 results were soft and in our view do not reflect the investments the company has made in 2018–2019 to position it as the frontrunner in the embedded industry’s hottest themes. Instead, we believe investors are ready to look for its new product launches, which should see a 2018–2021e EBIT CAGR of 24%. While we expect the long-term potential in the case to strengthen, we have lowered our fair value to SEK270–340 (270–370) on our 5% cut to our 2019–2021e EBIT.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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